Abbott Files Lawsuit to Terminate Acquisition of Alere
Abbott announced on Dec. 7 that it has filed a lawsuit to terminate its planned acquisition of no-moat Alere, 10 months after the deal was first announced. We were largely unsurprised by this development given the myriad blows Alere has been dealt this year and Abbott's noticeable reluctance to close this deal. We are reiterating our $35 stand-alone fair value estimate.The ongoing Department of Justice investigation into Alere’s sales practices, coupled with a recall of its anti-coagulation mon...
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